Heungkuk Files Goldman Complaint With South Korea Prosecutors

Heungkuk Life Insurance Co. and Heungkuk Fire & Marine Insurance Co. filed a complaint against nine Goldman Sachs Group Inc. (GS) executives and employees to South Korean prosecutors, accusing them of fraud, according to a Heungkuk Life official.

The insurers filed the complaint to the Seoul Central District Prosecutors’ office on June 28, Lee Yun No, an official at Heungkuk Life, said by phone today, confirming a Korea Economic Daily report. The Korean companies have seen losses from purchasing collateralized debt obligation in 2007 from Goldman Sachs, Lee said, without elaborating.

“The prosecutors’ office has not contacted us on this matter,” Christopher Jun, a spokesman for Goldman Sachs, said by phone in Seoul. A spokesman at the prosecutors’ office declined to comment.

To contact the reporter on this story: Seonjin Cha in Seoul at scha2@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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